David J. Stern's Foreclosure Firm Closes This Month
The law offices of David J. Stern, known as the "foreclosure king," are closing on March 31 after a highly publicized fall from grace and a state investigation of the firm's allegedly fraudulent foreclosure practices, according to the Sun-Sentinel.
The publicly traded affiliated document processing company, DJSP, filed documents with the SEC to announce its closing due to the scheduled shuttering of David J. Stern's law firm, the processing company's mainstay client.
Fannie Mae, Freddie Mac, and other major clients sent their business elsewhere last fall, spurring the implosion of the firm and processing company, which employed more than 1,200 people at their peak. The Juice has been closely following the staff reductions, and now, the approximately 50 remaining employees are the last to walk out the door this month.
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